Boric Acid Market Size Estimation, Current Industry Status, Growth Opportunities, Top Key Players

Market Segmentation:

The Global Boric Acid Market has been segmented based on End-Use, Application and Region.

By End-Use, Global Boric Acid Market has been segmented into tiles, ceramics, fiberglass, flame retardants, agriculture, wood preservation, pharmaceutical, cosmetics, and others.

The market is also Segmented Based on Application into Industrial and Household.

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Competitive Analysis:

3M (US), Avantor, Inc (US), BASF SE (Germany), Borax (US), Eti Maden (US), Gujarat Boron Derivatives (India), Minera Santa Rita (Argentina), Russian Bor Concern OJSC (Russia), and Borax Morarji Ltd (India), and Tomiyama Pure Chemical Industries, Ltd (Japan), are the some of the key players operating at the forefront of the Global Boric Acid Market.

The demand for borosilicate glass in cookware items, its use as lubricant on metal surfaces, and the increasing construction industry across the globe, are the growth opportunities of the global boric acid market.

However, as per the European regulations, manufacturers of the personal care items are prohibited from using boric acid, due to its categorisation under the carcinogenic compounds. Additionally, boric acid is toxic if inhaled or consumed by any means. These factors are expected to restrain the market growth in the coming years.

Regional Forecast:

The Global Boric Acid Market has been spanned across five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for the largest share in the Global Boric Acid Market in 2017. The rapidly growing construction industry is the prime driver for the growth of the product market in this region. Emerging economies such as India, China, and Korea are witnessing rising constructional activities in their countries due to growing urbanization and other macro-economic factor such as rising per capita income. The region is expected to continue its dominance over the forecast period.

North America held the second largest share in the Global Boric Acid Market in 2017. The growth is attributed to the increasing use of Boric Acid in construction, pharmaceutical, and automotive industries. The region is projected to show remarkable growth during the review period.

European Market is expected to grow at a healthy CAGR during the review period. Owing to the growing building and construction activity, coupled with the increasing use of Boric Acid in electronics industry. Boric Acid is also largely used producing cookware and laboratory equipments.

The increasing cosmetics industry and the growing demand of Boric Acid in making cosmetic products and other personal care items, are boosting the demand for Boric Acid in Latin America. In addition, the growing electronics industry is also contributing to the growth of Boric Acid Market in this region. Latin American market is expected to show steady growth during the review period.

The Middle East & Africa Market is expected to show steady growth during the review period. Growth is attributed to the increasing constructional activities in this region.

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